Man United has finances to strengthen squad

The Associated PressMay 15, 2014
Man United anticipates $60M cost of Euro failure
Manchester United's Juan Mata, left, celebrates his goal against Southampton with teammates during their English Premier League soccer match at St Mary's stadium, Southampton, England, Sunday, May 11, 2014. (AP Photo/Sang Tan)

MANCHESTER, England (AP) -- Manchester United says it has the financial power to rebuild the team following its worst Premier League season.

United went from champions to seventh place and fired manager David Moyes less than 10 months after succeeding Alex Ferguson. Louis van Gaal is expected to be the manager next season. His contract as Netherlands coach expires after the World Cup.

Vice chairman Ed Woodward says the club remains an ''impressive'' business operation. Revenue rose by 26 percent to $193 million in the first three months of 2014 as United reached the Champions League quarterfinals and benefited from further sponsorship deals.

Woodward says the team is in a ''healthy financial position to continue to invest in the squad.''